Top 5 Cryptocurrencies Ready for a Bull Rally?
The cryptocurrency market has shown a strong bullish recovery in the last few hours with a 3.71% increase in global crypto valuation. Following this, the market leader Bitcoin successfully recovered the $57,000 mark by 3.11%.
In addition, the top altcoins showed similar price action during this period with significant increases in their respective portfolios. With the ongoing price volatility in the crypto space, are the top crypto tokens on the verge of starting a bull rally?
In this article, we take an in-depth look at market sentiment, price predictions, and analysis of the top 5 cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Solana (SOL), and Ripple (XRP) as the crypto market hints at a possible bullish rally. .
Bitcoin (BTC):
With the ongoing market turmoil, Bitcoin price has formed a descending channel pattern in the 1D time frame and continues to trade within it. On a positive note, the market-leading triangle pattern is on the verge of testing the resistance trend.
The Relative Strength Index (RSI) has successfully tested the oversold region, indicating increased buying pressure for Bitcoin in the crypto space. Furthermore, the average shows the possibility of a high rally, which suggests a positive outlook for this week.
On the other hand, the MACD indicator showed the same trend by registering a constant decline in the red histogram. Additionally, the averages are showing a bullish price action for BTC in the crypto market, hinting at a potential positive crossover.
If the market continues to rise, Bitcoin price will break out of the resistance trend and set to test the $60,819.5 resistance level next week. On the contrary, a bearish reversal could pull the price towards the critical support of $55,000.
Ethereum (ETH):
The price of ETH has successfully retested the critical support zone, recording a jump of over 5% in the last 24 hours. Moreover, the rise of the Ethereum token Ethereum ETF has served as a catalyst in recent price increases.
The technical indicator RSI is showing a bullish trend on the Ethereum price chart after retesting the oversold territory. Additionally, with bullish consolidation, the indicator shows overbought-oversold pressure for the ETH crypto in the market.
Keeping the price above the necessary support level will set the price of ETH coin to test the upper resistance level of $3,400 this month. However, if the bears return to speed, the price of Ethereum will drop below the $3,000 mark.
Binance (BNB):
Following the bullish recovery in the cross-border market, the price of Binance successfully held above the critical support level of $497.5. In addition, this altcoin added 2.42% to the portfolio with a change of +4.03% in the previous day at $2.033 billion.
The Moving Average Convergence Divergence (MACD) has recorded a steady decline to the negative, indicating increased bullish influence. However, the averages continue to see a negative pattern this week, citing mixed sentiment for the BNB coin price.
Trading on a positive note may cause the price of Binance Coin to test the important resistance level of $568. However, in the event of a reversal, the BNB price may drop to a low of $430.
Solana (SOL):
The price of SOL registered a 7.32% jump in the previous day, changing the trading volume by +52.94% to $66.30 billion. In addition, this altcoin recorded a 24-hour high and low of $143.01 and $131.97. Solana's price is a rally that could provide further clues.
The simple moving average (SMA) is on the verge of recording a bullish cross in the 1D time frame, indicating an increase in price action for Solana crypto silver in the market.
Moreover, the RSI indicator is on the verge of retesting the midpoint, which indicates increasing buying and selling pressure in the crypto space. On a positive note, the average has registered a bullish cross, which indicates that the price of Solana will continue to gain value this week.
If the bulls continue to rally, SOL coin price will be set to test the important resistance level at $155. Keeping the price at that level will set the stage for Solana Token to head towards a high of $181.5. On the negative side, bearish price action could take the price to a low of $127.
Ripple (XRP):
Following a bullish move to the cryptocurrency market in the early trading hours today, XRP's price successfully tested its critical support trend and added 3.15% to the portfolio with a 24-hour trading volume of $1.328 billion.
The MACD has shown a bearish trend on the red histogram, with the averages recording the possibility of a bullish move. This indicates a positive outlook for the price of XRP coin in the near future.
If the market holds the price of Ripple above the critical support level of $0.420, the bull will be ready to test the high resistance level of $0.480 this month. Conversely, if the bears beat the bulls, the price of XRP will drop below the $0.420 level.
